September 2010: Business Climate Indicator for the euro area edges up further

Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date. In September, the Business Climate Indicator (BCI) for the euro area registered a modest gain. The level of the indicator suggests that economic activity in industry will continue to recover in the coming months. The indicator now stands at its highest level since December 2007. Managers in industry were more optimistic about their production and employment expectations as well as the level of their order books; in particular they were upbeat about their export order books. Managers' assessment of production observed in recent months and of their stocks of finished products remained broadly unchanged.

Figures and graphics available in PDF and WORD PROCESSED

The BCI is based on a factor analysis of the euro area aggregate balances (seasonally adjusted) of five of the monthly questions in the industry survey (only employment and selling-price expectations are excluded).

Figures and graphics available in PDF and WORD PROCESSED

Full details of the Business Climate Indicator are available on the Europa website: